GBP/JPY Price Analysis: Retraces after testing the 200-EMA in the 4-hour chart – by christianborjon GBPJPY Crosses Technical Analysis
GBP/JPY Price Analysis: Technical outlook
The GBP/JPY remains neutral biased. For the last twelve days, the GBP/JPY has been trading within the 160.00-162.80 area, unable to break above/below the range extremes. It’s worth pointing out that the Relative Strength Index is below the 50-midline, almost flat, while the 20-day EMA, at 161.84, is the first support level at the time of writing. On the upside, the GBP/JPY first resistance is the confluence of the 50, 100-EMAs, and a downslope trendline around the 162.80-163.
Near term, the GBP/JPY four-hour chart illustrates the cross-currency hitting September’s 2 daily high at 162.52 before retracing some pips below the R1 daily pivot at 162.35. GBP/JPY traders should be aware of the 200-day EMA at around 162.46, a difficult resistance level to overcome for GBP/JPY buyers. Once they clear the latter, that would pave the way towards 163.00, opening the door for further gains.
On the other hand, the GBP/JPY first support would be the confluence of the 20, 50, and 100-EMAs at around 161.65-161,80. Once cleared, the GBP/JPY following support would be the daily pivot at 161.50, followed by the S1 daily pivot at 161.04.
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